Atal Pension Yojana

Launched on May 9, 2015, the APY was designed to establish a universal social security system for all Indians

The gross enrolments under the Atal Pension Yojana have crossed the 7 crore mark, the Pension Fund Regulatory and Development Authority said on Tuesday. This is the 10th year of the rollout of the Atal Pension Yojana (APY). The scheme was launched on May 9, 2015, to create a universal social security system for all Indians, especially the poor, underprivileged and workers in the unorganised sector. The total gross enrolments under the scheme have crossed 7 crore, with an enrolment of over 56 lakh members in the current financial year 2024-25, the Pension Fund Regulatory and Development Authority (PFRDA) said in a statement. This feat of bringing in the most vulnerable sections of society under the coverage of pension has been made possible with the untiring efforts of all the Banks and SLBCs, it said.

About 7 crore people have subscribed to the Atal Pension Yojana (APY) whose corpus has swelled to Rs 35,149 crore, Finance Minister Nirmala Sitharaman said on Wednesday. APY is a low-cost pension scheme that offers a guaranteed minimum pension of Rs 1,000-5,000 per month from the age of 60 years onwards (depending on the contributions by the subscribers). In case of death of the subscriber, the same pension will be provided to the spouse till he/she is alive. In the event of death of both the subscriber and the spouse, the entire corpus is given to the nominee. "Since its inception in 2015, 6.90 crore people have subscribed to the Atal Pension Yojana and a corpus worth Rs 35,149 crore has been accumulated," Sitharaman said at an event to launch the NPS Vatsalya scheme.

Atal Pension Yojana is a government-backed pension programme designed to provide a stable income to Indians post-retirement

Amount subscribers get on retirement is determined on how early they joined the scheme and the contribution amount

Hours after the Congress dubbed the Centre's Atal Pension Yojana as a "poorly-designed scheme" that "hoodwinks and coerces" people into participating in it, Finance Minister Nirmala Sitharaman on Tuesday hit back at the grand old party accusing it of "hoodwinking" people in the name of vote bank politics. Congress general secretary Jairam Ramesh said the Atal pension scheme is a "fitting representation of the Modi Government's policy making: headline management, with few benefits actually reaching the people". His attack came after a media report claimed that nearly one of three subscribers who dropped out of the Centre's pension scheme for unorganised sector, did so because their accounts were opened without their "explicit" permission. The report cited a recent sample study by the Indian Council of Social Science Research (ICSSR). "The 'flagship' Atal Pension Yojana is a very poorly-designed scheme, a paper tiger that needs officials to hoodwink and coerce people into participatin

The Congress on Tuesday attacked the Modi government over the Atal Pension Yojana, alleging it is a "very poorly-designed scheme" and a "paper tiger" that needs officials to hoodwink and coerce people into participating in it. Congress general secretary Jairam Ramesh said the scheme is a "fitting representation of the Modi Government's policy making: headline management, with few benefits actually reaching the people". His attack came after a media report claimed that nearly one of three subscribers who dropped out of the central government's pension scheme for the unorganised sector, the Atal Pension Yojana (APY), did so because their accounts were opened without their "explicit" permission. The report cited a recent sample study by the Indian Council of Social Science Research (ICSSR). In a post on X, Ramesh said, "The Finance Minister (Nirmala Sitharaman) was in Bengaluru on the 24th of March, where she was proclaiming the benefits of the Atal Pension Yojana initiated by the Modi

Bank employees did so without their concurrence to achieve enrolment targets set for them

The chairman said the decline seen in e-NPS (voluntary accounts) was responsible for the slow pace of enrolments this year

The Pension Fund Regulatory and Development Authority (PFRDA) Chairman Deepak Mohanty on Friday said the total corpus under the National Pension System and Atal Pension Yojana has crossed Rs 11 lakh crore. The milestone of Rs 11 lakh crore asset under management (AUM) was achieved on January 10, 2024, he told reporters here. The AUM has increased from Rs 10 lakh crore to Rs 11 lakh crore in 4 months 18 days (August 24, 2023 to January 10, 2024), he said, adding the private sector AUM crossed Rs 2 lakh crore. The authority in September revised the AUM target of Rs 12 lakh crore for the current fiscal. The pension authority is working on a minimum assured pension plan, and it could become a reality in the next financial year if the guarantee issued is resolved. "There are a lot of complications in determining the rate of return, what to set as the bar for return. Fund managers are also thinly capitalised. So, you have to keep a check on their liabilities also," Mohanty said. Asked

PFRDA says current amount may not help attract new Atal Pension subscribers

The total enrolment under the Atal Pension Yojana (APY) has crossed 6 crore, with over 79 lakh additions this fiscal, the finance ministry said on Tuesday. Under the APY, the subscriber is eligible to get triple benefits of lifelong monthly pension of Rs 1,000 to Rs 5,000 from the age of 60 years, depending on their contributions, which itself would vary based on the age of joining the APY. The same pension would be paid to the spouse of the subscriber after his or her demise and on the demise of both the subscriber and the spouse, the pension wealth as accumulated till age 60 of the subscriber would be returned to the nominee. "The feat of bringing in the most vulnerable sections of society under the coverage of pension has been made possible with the untiring efforts of all banks," the ministry added. The APY -- a flagship social security scheme of the Government of India -- was launched on May 9, 2015 by Prime Minister Narendra Modi to provide old age income security to Indian .

Managed by PFRDA, the APY aims to establish a universal social security system for workers in the unorganised sector

Asset under management of National Pension System (NPS) and Atal Pension Yojana (APY) has crossed a milestone of Rs 10 lakh crore, Pension Fund Regulatory and Development Authority (PFRDA) Chairman Deepak Mohanty said on Friday. The landmark AUM was reached on August 23 and it took two years and 10 months to double from Rs 5 lakh crore. Of the total, AUM under APY stood at Rs 30,051 crore at the end of August 25 while the figure for NPS Lite reached Rs 5,157 crore. The number of subscribers under the National Pension System (NPS) and Atal Pension Yojana (APY) together increased to more than 6.62 crore. The National Pension System (NPS) has been implemented for all government employees (except armed forces) joining central government on or after January 1 2004. Most of the state/UT governments have also notified the National Pension System (NPS) for their new employees. NPS has been made available to every Indian citizen from May 1 2009 on a voluntary basis. Further, from June 1, 2

To roll out systematic withdrawal plan in October

Higher slabs of Rs 2K, Rs 3K, Rs 4K & Rs 5K have seen a decline in FY23

As per the scheme administered by PFRDA, a subscriber will get a pension of Rs 1000-Rs 5,000 depending on the contribution from the age of 60

Over 5.25 crore subscribers have enrolled in Atal Pension Yojana (APY), the government's flagship social security programme launched eight years ago, the finance ministry said in a statement. The scheme was launched on May 9, 2015, by Prime Minister Narendra Modi with the objective of delivering old-age income security to all citizens of India, particularly to the workers in the unorganised sector. "The scheme has been implemented comprehensively across the country, covering all states and Union Territories with total enrolments crossing the mark of 5.25 crore," the ministry said in the statement. APY enrolments have continuously shown an increasing trend since its inception, it added. In new enrolments, there has been a growth of 20 per cent in 2022-23 over 2021-22. As of date, the total assets under management (AUM) in APY is more than Rs 28,434 crore and the scheme has generated an investment return of 8.92 per cent since inception of the scheme. The ministry further said this

It saw its highest-ever enrolments in FY23 since the inception of the scheme

The number of subscribers under the National Pension Scheme (NPS) and Atal Pension Yojana (APY) increased 23 per cent to over 6.24 crore as of March 4, the Finance Ministry said on Friday. Of this, there was over 28 per cent growth in APY subscribers and more than 1 crore new customers were added. The total pension assets under management (AUM) under NPS and APY grew 23.45 per cent year-on-year to Rs 8.82 lakh crore as of March 4, 2023. "The number of subscribers under various schemes under the National Pension System (NPS) rose to 624.81 lakh as of March 4th 2023 from 508.47 lakh on March 5, 2022, showing a year-on-year (y-o-y) increase of 22.88 per cent," the ministry said in a statement. As of March 31 last year, the total number of NPS subscribers was 5.20 crore. Of the total 6.24 crore subscribers currently, 23.86 lakh and 60.72 lakh are central and state government employees, respectively. Corporate subscribers stood at 16.63 lakh. The number of APY subscribers rose 28.4 pe